Bal Harbour council proposes reducing 2015-16 property-tax rate

The village of Bal Harbour is proposing to decrease the property-tax rate for the upcoming 2015-16 budget year, which will lead to a decrease in the typical bill for taxpayers.

The proposal

The council is proposing a tax rate of $1.96 per $1,000 of assessed property value, which is lower than last year’s rate. It is the second-lowest property-tax rate in Miami-Dade County, behind Aventura.

Taxpayer impact

Under the proposed rate, the owner of a median-priced home valued at about $534,000 would pay about $957.00 in property taxes. This marks a $40 decrease from last year, assuming the owner qualified for the standard homestead exemption, and that the home’s assessed value increased by 0.8 percent, which is the maximum allowed by law this year for owner-occupied homes.

The village most likely will not raise the rate any higher as the budget season goes on, but it can be lowered or remain the same.

Impact on services

The proposed rate is not affecting any specific services, and the cost of government is less expensive for the average village homeowner.

What the village manager says

“If the money isn’t being spent specifically [on necessary services], it can be returned to the taxpayer.” — Jorge Gonzalez

Public hearings

Check your mailbox

Homeowners will receive a letter called a “TRIM notice” in August giving them their proposed tax rate and hearing dates. The letter will also include proposed tax rates for Miami-Dade County, the school board and other local agencies.